One-time Democratic Party rising star Jesse Jackson Jr., weeping and repentant as his famous father looked on, pleaded guilty on Wednesday to misusing about $750,000 in campaign funds on luxuries such as fur capes and a Rolex watch.

Jackson, 47, who had represented Illinois in the House of Representatives from 1995 until his resignation in November, told U.S. District Judge Robert Wilkins he had been living off his political campaign funds for years.

When Wilkins asked for Jackson's plea, he responded, "Guilty, your honor. I misled the American people."

Prosecutors said they may ask for a five-year prison sentence in the corruption case - the maximum permitted by law - while Jackson's legal team said it may argue for four or less. Sentencing is scheduled for June 28.